WASHINGTON -- A House Ways and Means Committee meeting on Aug. 19 offered the first concrete evidence that Rep. Dan Rostenkowski's demotion from panel chairman to rank-and-file member is going to hurt the tax-exempt bond market.

The panel convened in an unusual Friday afternoon session to draft the tax portion of a bill that would reauthorize the Superfund toxic waste cleanup program. The Illinois Democrat attempted to offer an amendment to permit private firms to use tax-exempt bonds to clean up and redevelop contaminated industrial waste sites.

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